New York, July 13, 2026 – U.S. stock futures opened lower on Monday, with the Nasdaq-100 bearing the brunt of selling pressure as renewed geopolitical tensions between the U.S. and Iran sent crude oil prices sharply higher. The divergence between technology and blue-chip indices widened, reflecting a market grappling with inflation fears and valuation concerns.
Nasdaq-100 futures declined approximately 1%, while S&P 500 contracts fell 0.3%. In contrast, Dow Jones Industrial Average futures remained nearly unchanged, underscoring a split that investors will watch closely as trading begins. The 0.91-percentage-point gap between Nasdaq and Dow futures signals a potential rotation away from high-growth technology shares toward more defensive, cash-generating businesses.
Oil prices surged, with West Texas Intermediate crude rising 3.78% to $74.11 a barrel and Brent crude gaining 3.62% to $78.76. The spike followed a sharp drop in shipping traffic through the Strait of Hormuz, a critical chokepoint for global oil and liquefied natural gas. Only six vessels were recorded in transit on Sunday, the lowest in five weeks, raising concerns about supply disruptions. UBS analyst Giovanni Staunovo noted that slower inbound tanker movements are creating both a price premium and genuine disruption risk.
The rise in oil is rippling through fixed-income markets, with the 10-year Treasury yield climbing two basis points to 4.58%. Higher yields reduce the present value of future earnings, a dynamic that disproportionately impacts growth stocks and richly valued technology names. Gold, typically a haven, fell 1.23% to $4,060.93 an ounce, a move that analysts interpret as traders bracing for tighter monetary policy rather than a conventional flight to safety. Aneeka Gupta, macroeconomic research director at WisdomTree, described oil’s renewed inflation impulse as “a big wake-up call for markets.”
Semiconductor stocks were among the hardest hit, with the iShares Semiconductor ETF (SOXX) dropping 2.6%. SK Hynix (SKHY) fell 8.3% to $154.10 in premarket trading, giving back some of its 13% gain from Friday’s U.S. debut. Micron Technology (MU) lost 4.5%, and Sandisk (SNDK) declined 5.1%. The sell-off extended beyond individual names, as memory and storage stocks lost between 4% and 7%. Kathleen Brooks, research director at XTB, said higher oil is “disrupting the momentum trade,” hitting both technology and chip shares.
The macro calendar adds to the uncertainty. The government will release June consumer price index data on Tuesday morning, followed by producer prices on Wednesday. Rate-futures markets now imply a 50% probability of two or more Federal Reserve rate increases by December, up slightly from Friday. Earnings season also kicks off this week, with JPMorgan Chase (JPM) and Goldman Sachs (GS) reporting on Tuesday. The S&P 500 entered Monday up more than 10% year-to-date and less than 1% below its record close, with second-quarter earnings expected to rise 23.7% year-over-year.
Michael Reynolds, investment-strategy vice president at Glenmede, noted that geopolitical headlines, inflation data, earnings, and AI skepticism are “all coming to a head at once.” The key test for the session will be whether the Nasdaq-Dow gap narrows. A steady Dow alongside weak chips would confirm rotation away from expensive growth stocks. If blue chips join the decline while oil and yields continue higher, the market could shift toward a broader risk reduction.
Still, the setup can reverse quickly. Brent crude slipped on Friday as shipping prospects improved, and John Kilduff of Again Capital said oil is “ready, willing and able to jump on good news.” A sustained pickup in vessel traffic could strip out the crude risk premium and help chip stocks recover. Conversely, another shipping shock combined with a hot CPI reading could lift yields further and spread selling beyond technology.
